Here’s a round-up of Toyota Motor Corporation (NYSE:TM) news stories from this week. Toyota Motor Corporation (NYSE:TM) company shares ended the week at 69.36 (as of 8/27/2010).
Weekly News Roundup: Toyota Motor Corporation (NYSE:TM)
Tuesday 24 August
Toyota President Akio Toyoda has said he wants to add more fun to Toyota Motor Corporation (NYSE:TM) cars.
After taking orders on the Lexus LFA, a $375,000 supercar that was six years in the making, the president announced he will also put into motion plans for a more affordable, rear-wheel drive car and, in efforts to add a little humor in addition to the fun, maybe even a sporty version of the Prius.
Wednesday 25 August
Another recall could materialize for Toyota as the government goes through dta with a fine-tooth comb.
The National Highway Traffic Safety Administration’s Office of Defects Investigation (ODI) said on Tuesday that it is broadening its investigation to include engine stalling problems in the Toyota Corolla and Matrix models from 2005 to 2007.
The Office began a preliminary investigation into reported engine stalls in these models. Toyota has not yet indicated that it will recall these models.
Thursday 26 August
Toyota Motor Corporation (NYSE:TM) has actually begun outsourcing some of its business to the U.S. as the Japanese yen appreciates against many other major currencies and general price levels rise in Japan, according to a report on Thursday.
The company is now importing engines from the U.S. for use in some of its own cars.
Friday 27 August
Toyota Motor Corporation (NYSE:TM) said Thursday that it will recall 1.13 million compact cars, an announcement that came days after federal safety regulators cranked up their investigation into customer complaints about the cars stalling.
Models of Corolla and Matrix that were sold during the years 2005 to 2008 have been found to have some defects related to engine control modules or ECMs.
Toyota said that there are three “unconfirmed accidents alleged to be related to this condition,” one of which reportedly involved a minor injury.
General Motors also came out with a similar announcement recently.
We will be monitoring the Toyota Motor Corporation (NYSE:TM) stock price for developments over the next few weeks.